Question

Malniple Choice (I point each 15-15 points) Stine Cop s irial balance reflected the following account balances at December 31, 2017: Accounts receivable (net) Trading securities Cash $36,000 10,000 32,000 6,000 50,000 7,000 8,000 e Stine's December 31, 2017 balance sheet, the current assets total is: Inventory Equipment Prepaid expenses Patent a. 74,000 b. 81,000 c. 91,000 d. 92,000 Fulton Company owns the following investments: 2. Trading securities (fair value) Available-for-sale securities (fair value) Held-to-maturity securities (amortized cost) $60,000 86,000 150,000 Fulton will report Investments in its Current Assets section of a. 60,000 b. 146,000 c. 60,000 or an amount greater than 60,000 d. 236,000 or an amount less than 236,000 3. Harding Corporation reports the following information: Net income Depreciation Expense Increase in Accounts Payable $400,000 14,000 60,000 Harding should report Cash provided by Operating Activities of a. 354,000 b. 414,000 c. 446,000 d. 474,000

Answer 1

Answer 1

c. $ 91,000

Explanation:

Current assets = $ 36,000 + $ 10,000 + $ 32,000 + $ 6,000 + $ 7,000

=$ 91,000

* Current assets do not include Equipment and Patents.

Answer 2

b. $ 146,000

Explanation:

Current assets = $ 60,000 + $ 86,000

= $ 146,000

* Current assets do not include Held to maturity securities.

Answer 3

d. $ 474,000

Explanation:

Operating activity = $ 400,000 + $14,000 + $ 60,000

= $ 474,000

In case of any doubt, please comment.